EY Tops Uganda’s Banking Sector as Most Preferred Auditor in 2024 In 2024, Ernst & Young (EY) outpaced its competitors to become the top external auditor in Uganda’s banking sector, securing more commercial and Tier II bank clients than any other firm in a year of shifting audit alliances.

Ernst & Young (EY) in 2024 audited more banks than its peers, cementing its position as the leading external auditor in Uganda’s banking industry. With assignments from 11 commercial banks and one Tier II institution, EY now holds the single largest share of audit clients across the country’s licensed financial institutions — a lead that reflects not only growth in numbers but also deepening confidence in its services.

This milestone crowns a three-year rise for EY, which steadily expanded its presence from nine commercial banks in 2022, to ten in 2023, and now 12 financial institutions in 2024. Its 2024 client list includes some of the most prominent names in the banking sector, such as Stanbic Bank, Equity Bank, Standard Chartered, DTB Uganda, and Bank of Africa. It also retained the audits of United Bank for Africa, Exim Bank, Tropical Bank, Cairo International Bank, Finance Trust Bank, and Bank of Baroda, while adding Guaranty Trust Bank (GTBank) — a Tier II lender — to its growing portfolio.

EY’s current dominance signals more than just success in client acquisition. It reflects strategic wins in high-stakes boardroom decisions where experience, independence, and global capability matter. One of its most notable gains was the return of Stanbic Bank, Uganda’s largest commercial bank, in 2023 — a move away from PwC, which had audited the bank in 2022. EY’s ability to recapture Stanbic and later secure DTB Uganda and GTBank from rival KPMG in 2024 underlines its ascendancy.

While EY’s growth surged, KPMG, historically a dominant player, saw its presence diminish. In 2024, KPMG audited six commercial banks — Centenary Bank, Citi Bank, I&M Bank, Eco Bank, PostBank Uganda, and KCB Bank — and two Tier II institutions, Opportunity Bank and ABC Capital Bank. Although KPMG maintained strong ties with key institutions like Centenary and Citi, it lost significant ground with the departure of DTB Uganda and GTBank to EY.

KPMG’s reduced portfolio contrasts sharply with its wider footprint in 2022, when it held the audit mandates of several banks that have since transitioned to competitors. The erosion of KPMG’s audit share highlights the increasingly competitive and performance-driven nature of auditor selection in the sector.

Meanwhile, Deloitte maintained a quiet but consistent presence, continuing to audit NCBA Bank and Housing Finance Bank, both of which it has handled since at least 2023. Deloitte’s strategy appears less about expansion and more about stability, with its clients showing loyalty over multiple audit cycles.

PwC, which briefly held the audit of Stanbic in 2022, re-entered the commercial bank audit space in 2024 with a high-profile win — Absa Bank. Although PwC’s total market share remains small, auditing just one commercial bank, its ability to secure such a top-tier client signals that it remains a serious player in select boardrooms.

Outside the Big Four, Grant Thornton continues to audit Bank of India, while RSM East Africa holds onto ABC Capital Bank in the Tier II category. The Auditor General (OAG) now audits only one institution — Pride Bank, having exited PostBank Uganda in 2023, when that assignment was picked up by KPMG.

The 2024 audit landscape clearly illustrates the competitive realignments among Uganda’s external auditors. Ernst & Young (EY) led the field by a wide margin, auditing a total of 12 financial institutions, comprising 11 commercial banks and one Tier II institution. KPMG followed with eight mandates, including six commercial banks and two Tier II lenders. Deloitte maintained a steady but modest presence, auditing two commercial banks, while PwC re-entered the market with a single but high-profile assignment — Absa Bank.

Beyond the Big Four, Grant Thornton held onto one commercial bank audit, while RSM East Africa and the Auditor General each retained a single Tier II institution on their respective portfolios. These figures underscore EY’s dominant lead and signal a shifting dynamic in auditor preferences across Uganda’s financial services sector.

In line with regulatory requirements, the Bank of Uganda regularly prequalifies external auditors through a competitive and compliance-driven process. The most recent cycle, completed in December 2024, approved 20 firms under Category A — eligible to audit all financial institutions — and 12 under Category B for forex bureaus and remitters. Notably, internationally affiliated firms such as EY, KPMG, PwC, and Deloitte dominate the commercial banking space, reflecting their superior audit capacity, regulatory trust, and technical depth. In 2023 alone, they accounted for 80% of all commercial bank audits — a trend that continued into 2024, with EY leading the field.